As with everything in life, preparation and planning is the key to success. While business owners/primary producers acknowledge that succession planning is important, too often it is bumped down the to-do-list as the daily tasks in running their business takes priority.
This is a major risk.
Navigating the sensitive and complex issues of succession planning requires an experienced team beside you that truly understands your unique situation – that’s where William Buck Adelaide’s Succession Planning experts can help.
A well thought out succession plan will help you ensure the future success of your business/farming business and family relationships. It facilitates a seamless transition, minimises confrontation or disputes amongst your family, provides focus, helps prepare the next generation, and can maximise the financial benefits for all stakeholders. Handled well, it can take the business to the next level and create very favourable financial outcomes for the family. Handled poorly, it can have the opposite effect. Our aim is always to keep the family unit together.
Without a clear plan in place, the next generation can become unmotivated and lose interest in the future of the business/farm. They may not be adequately trained to take over management and the retirement of the owner can be compromised.